Credit repair software is an important tool used most by credit repair organizations, although several types of this software are on the market. This type of software enables the user to correct any errors or inaccuracies in their credit report to help boost the credit score.
Because so many different products are on the market, the list of benefits and how they work varies from product to product. The end goal of all, however, is to help correct the mistakes that can drag a consumer’s credit score down.
Unfortunately, many Americans are struggling with the effects of a less-than-ideal credit score. The credit score is a numerical value given to individuals. This score is a cumulative number based on information in your credit report from credit reporting agencies. The scores typically range from the 300s to the mid-800s.
- Excellent 720+
- Good 680 to 719
- Average 620 to 679
- Poor 580 to 679
- Bad 500 to 619
- Miserable less than 500
The credit score is based largely on your payment histories; other factors affecting your score include how you use your debts, amount of debt, length of history and types of credit, new credit accounts and available credit.
Unfortunately, errors show up on your credit report that can cause your score to plummet. This could be an error due to a creditor entering in wrong information or — WORSE — someone stealing your credit.
This is why keeping an eye on your credit report is so important, and also why credit repair software is a pivotal tool in boosting your score if you come across inaccuracies.
Most of these software products feature tools for the credit repair industry including lead generation and CRM. The software allows the professional to import credit reports, accounts and other important information. Additional tools of the software products may include automatic bill generation and report generation throughout the process, and having templated letters available to send to creditors. Some credit repair softwares are available to the average citizen, as well, to allow them to fix erroneous entries on their credit report.
With so many people finding errors on their credit reports, it’s become necessary to have these types of tools available. Credit repair software has become a necessity to help Americans keep their credit reports true and accurate.